SECTION 1. Chapter 175 of the General Laws is amended by inserting, after Section 19I, the following new section:-

19I ½. The commissioner of insurance shall further promulgate regulations with the express purpose of increasing transparency. Such regulations shall include, but not be limited to,

(i) requiring a mutual or mutual holding company to provide full and accurate disclosure of all compensation to the named executive officers or directors, whether paid or accrued and of all conflicts of interest, whether direct or indirect; and

(ii) requiring that, at least once every 3 years, a proxy or consent or authorization or solicitation or notice of an annual meeting, in a form of which the commissioner shall determine, of a mutual or mutual holding company shall include a separate resolution subject to a non-binding vote to approve or disapprove the compensation of the named executive officers or directors

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